Daily Tax Report Index-Summary

CALIFORNIA

– Bank acquisitions, governor signs bill to decouple from IRS Notice, 196:H–1 (10/14/09)
– Business net receipts tax

See Tax reform, this heading

– Federal conformity update vetoed over penalty measure, 196:H–1 (10/14/09)
– Housing

– – Affordable housing, Treasury announces $284M award to spur Cal. housing sector, 204:G–4 (10/26/09)
– – Basis, homeowner must use land's current valuation when seeking Proposition 60 tax relief (Cal. Ct. App.), 205:K–1 (10/27/09); decision text, 205:TaxCore (10/27/09)

– Legislation, governor signs various tax bills, 196:H–1 (10/14/09)
– Renewable energy, Cal. opens investment incentive program to green energy, 204:H–2 (10/26/09)
– SBOE vacancy, Horton sworn in, 192:H–1 (10/7/09)
– Tax reform

– – Lawmakers prepare to review commission's plan, 191:H–1 (10/6/09)
– – Open meeting law, e-mails show appointed commission may have violated, 194:GG–1 (10/9/09)

– Wealthy taxpayers, surtax on incomes in excess of $1M upheld (Cal. Ct. App.), 198:K–1 (10/16/09); decision text, 198:TaxCore (10/16/09)
– Wireless telephone contracts, plaintiffs challenging tax on free phones not bound by arbitration clause (9th Cir.), 206:K–2 (10/28/09); decision text, 206:TaxCore (10/28/09)

CANADA

– Accounting

– – Energy companies behind on IFRS implement efforts, PwC survey finds, 199:I–5 (10/19/09)
– – National standards approved for 2009 reporting, IFRS use allowed, 188:I–3 (10/1/09)
– – Public sector enterprises subject to IFRSs, Canadian standards body says, 207:I–4 (10/29/09)

– eBay Canada ordered to provide data on high-volume sellers, 194:I–2 (10/9/09)
– Economic stimulus, legislation introduced to implement tax relief, key stimulus policies, 190:I–1 (10/5/09)
– GST/HST paid in error, revenue agency issues guidance on input tax credits, 199:I–2 (10/19/09)
– Harmonized tax regimes, British Columbia, Ontario set rules for transitions, 199:I–1 (10/19/09)

CAPITALIZATION

– Tangible assets, Treasury and IRS working to finalize rules, 189:G–4 (10/2/09)

CFCs

See CONTROLLED FOREIGN CORPORATIONS (CFCs)

CHARITABLE CONTRIBUTIONS

– ACORN Inst., OPM has no basis for barring from CFC, combined federal campaign, 206:G–7 (10/28/09); Dir. Berry's response to Grassley (R-Iowa), 206:TaxCore (10/28/09)
– Credit counseling group's eligibility for deductible gifts revoked, 195:G–7 (10/13/09)
– Food inventory deduction

See LEGISLATION, FEDERAL, HR 3227, S 1313

– Itemized deduction cap

See HEALTH CARE REFORM

– Land conservation easements

See LEGISLATION, FEDERAL, HR 1831, S 812

– Motor vehicles, documentation for deduction inadequate, TIGTA says, 197:G–6 (10/15/09)
– Scholarship organizations

See EDUCATION

– Timothy McVeigh discovery materials, defense counsel appeals deduction denial (U.S., rev sought), 190:K–1 (10/5/09); (rev den), 191:K–2 (10/6/09)

CHARITABLE SECTOR

See EXEMPT ORGANIZATIONS

CHINA

See also TAIWAN
– Carbon tax, government study proposes implementation in 2013 to reduce CO2 emissions, 196:I–3 (10/14/09)

CIGARETTES

See TOBACCO INDUSTRY

CLIMATE CHANGE

– Cap-and-trade regime

– – Boxer (D-Cal), Kerry (D-Mass) introduce legislation in Senate with emissions reduction goal, 188:G–9 (10/1/09); further action, see LEGISLATION, FEDERAL, S 1733
– – Increased costs, CRS report examines mechanisms to reduce household burden, 196:G–1 (10/14/09)

– Carbon dioxide sequestration, IRS issues interim guidance on eligibility for tax credit, 194:G–4 (10/9/09); Notice 2009-83, 194:TaxCore (10/9/09)
– China may adopt carbon tax in 2013 to reduce CO2 emissions, government study, 196:I–3 (10/14/09)
– European Comm'n to propose making carbon tax part of energy directive in 2010, 190:I–1 (10/5/09)
– French government would assess carbon tax on households and businesses, budget plan, 189:I–1 (10/2/09); Natl. Assembly approves carbon tax, 208:I–2 (10/30/09)
– Sweden plans to abolish carbon dioxide tax on fuel for firms subject to EU emissions trading system, 193:I–1 (10/8/09)
– UN talks in Bangkok address new international tax on airlines, maritime transport, 192:I–2 (10/7/09)

COLLECTION OF TAXES

See TAX COLLECTION

COLORADO

– Corporate tax nexus, practitioners raise concerns with proposed rule, 198:H–2 (10/16/09)
– Taxpayer bill of rights hampered economic growth, CBPP report says, 201:H–1 (10/21/09)

COMMUNICATIONS

See TELECOMMUNICATIONS

COMMUNITY DEVELOPMENT

– Empowerment zone, renewal communities

See LEGISLATION, FEDERAL, HR 1677, HR 3500, S 1222

– Iowa sets annual limits on development program tax credits, 204:H–1 (10/26/09)
– Ky. Reinvestment Act program, rules implement fees for applications, 204:H–2 (10/26/09)
– New markets tax credit, CDFI fund to name 2009 NMTC recipients soon, 189:G–10 (10/2/09); $70M award to benefit Ark., 205:G–8 (10/27/09)
– Renewable energy credits, job-loss zones

See LEGISLATION, FEDERAL, HR 3834

– Way-Means revenue panel sets hearing on distressed communities, 188:G–13 (10/1/09); JCT describes tax incentives, 191:G–6 (10/6/09); report, 191:TaxCore (10/6/09); Neal (D-Mass) supports adding expiring incentives to extenders package, witnesses urge multiyear funding, 193:G–6 (10/8/09); prepared statements, 193:TaxCore (10/8/09)

COMPENSATION

– Deferred compensation plans

See DEFERRED COMPENSATION

– Executives

See EXECUTIVE COMPENSATION

– Payroll taxes

See EMPLOYMENT TAXES

– Per diems, IRS updates guidance, 188:G–11 (10/1/09); text of Rev. Proc., 188:TaxCore (10/1/09)

COMPUTER INDUSTRY

See SOFTWARE

CONFERENCES AND MEETINGS

– ABA tax section fall conference

– – Build America Bonds, 188:G–12 (10/1/09)
– – Consolidated returns, 191:G–5 (10/6/09)
– – Corporate inversions, 191:G–1 (10/6/09)
– – Life settlements, reinsurance, 188:G–2 (10/1/09)

– AICPA tax division fall conference

– – Accounting, 208:G–7 (10/30/09)
– – Appeals, 208:G–10 (10/30/09)
– – Electronic filing, 208:G–8 (10/30/09)
– – Estate tax, 205:G–1 (10/27/09)
– – High-wealth industry group, 205:G–3 (10/27/09)
– – International tax, 207:G–5 (10/29/09); 207:G–8 (10/29/09)
– – Passthrough entities, 207:G–1 (10/29/09); 207:G–1 (10/29/09)
– – Tax enforcement, 205:G–6 (10/27/09)
– – Tax gap, economic downturn, 208:G–1 (10/30/09)
– – Taxpayer service, 205:G–4 (10/27/09)

– ALI-ABA conference

– – Consolidated group losses, 190:G–4 (10/5/09)
– – Deferred compensation, 195:G–5 (10/13/09)
– – Economic substance doctrine, 189:G–5 (10/2/09)
– – Employee benefits, 194:G–7 (10/9/09); 194:G–10 (10/9/09)
– – Retirement plans, 194:G–11 (10/9/09); 195:G–6 (10/13/09); 196:G–4 (10/14/09)

– Calendar, 190:Y–1 (10/5/09); 195:Y–1 (10/13/09); 199:Y–1 (10/19/09); 204:Y–1 (10/26/09)
– CERCA's fall meeting

– – Electronic filing mandate, 197:G–7 (10/15/09)
– – Tax preparer regulation, 188:G–10 (10/1/09); 197:G–9 (10/15/09); 197:G–18 (10/15/09)

– Executive compensation, ABA conference, 205:G–8 (10/27/09); 206:G–1 (10/28/09); 207:G–5 (10/29/09)
– Federal Taxation, N.Y. Univ. Inst.

– – Passthrough entities, 202:G–4 (10/22/09)
– – Tax compliance, 202:G–10 (10/22/09)
– – Tax preparer penalty, 203:G–4 (10/23/09)

– Financial services, LMSB and N.Y. TEI sponsored conference

– – Mark-to-market accounting, 197:G–13 (10/15/09); 198:G–6 (10/16/09)
– – Offshore loan origination, 198:G–6 (10/16/09)
– – Offshore tax evasion, 197:G–15 (10/15/09)
– – Tax audits, 198:G–2 (10/16/09)
– – Tax compliance, IRS foci, 197:G–10 (10/15/09)
– – Tax preparer regulation, 197:G–12 (10/15/09)
– – Withholding taxes, 197:G–3 (10/15/09)

– International tax compliance, IRS, GWU conference set for Dec. 10 and 11, 195:G–1 (10/13/09)
– International tax conference, San Diego, 201:G–7 (10/21/09)
– Practising Law Inst.

– – Corporate taxes, 208:G–6 (10/30/09)
– – Deferred compensation, 207:G–3 (10/29/09)
– – IRS guidance plan, 208:G–3 (10/30/09)
– – Securities, 208:G–4 (10/30/09)

– Tax Controversy Inst., Univ. of Cal. LA extension

– – International enforcement, 207:G–2 (10/29/09)
– – IRS litigation focus, 206:K–1 (10/28/09)
– – Taxpayer hardship, 206:G–4 (10/28/09)

– Tax Executives Inst.

– – International tax compliance, 206:G–3 (10/28/09)
– – IRS Chief Counsel's goals, 206:G–3 (10/28/09)
– – Value-added tax, 205:G–6 (10/27/09)

– Taxpayer advocacy panel meetings

See TAXPAYER ADVOCACY PANELS

CONGRESS, U.S.

– Ed. Note: This heading is used for administrative actions only. For coverage of legislation by bill number, see LEGISLATION, FEDERAL. For information on measures not yet assigned bill numbers, see relevant subject headings.
– Agenda

– – Senate to work on Medicare payments, appropriations while top priority health care talks continue, 198:N–1 (10/16/09); Senate approves final DOD bill, talks on UI amendments continuing, 203:N–1 (10/23/09)
– – Weekly agenda, 190:N–1 (10/5/09); 195:N–1 (10/13/09); 199:N–1 (10/19/09); 204:N–1 (10/26/09)

– Departures, Wexler (D-Fla) plans to leave Congress in Jan., 197:N–3 (10/15/09)
– Ethics, House avoids vote on removing Rangel (D-NY) from Ways-Means Chrm. post, 193:G–8 (10/8/09); ethics committee votes to expand its investigation of Rangel, 194:G–8 (10/9/09)
– FY2010 funding for legislative branch

See LEGISLATION, FEDERAL, HR 2918*

– Schedule

– – Dec. adjournment, Hoyer (D-Md) hopes House will complete legislative business by second week, 194:N–1 (10/9/09); action slows on health care reform, appropriations bills, 197:N–1 (10/15/09)
– – Nov., House leader schedules more days in session for possible health care votes, 206:N–1 (10/28/09)
– – Oct. recess, Senate leaders cancel recess to work on health care reform, 188:N–1 (10/1/09)

CONNECTICUT

– Fuel-efficient vehicles, guidance governing tax exemption revised, 200:H–2 (10/20/09)
– “Green buildings,” combined returns, film production, and gift taxes addressed in legislation, 201:H–2 (10/21/09)
– Tax settlements, guidance on 2-month program released, 198:H–1 (10/16/09)

CONSOLIDATED RETURNS

– Cross-chain sales after liquidation of target firm, IRS corrects rules to modify election after liquidation of target firm, 188:G–13 (10/1/09); correction to REG-139068-08, 188:TaxCore (10/1/09); to TD 9458, 188:TaxCore (10/1/09)
– Losses

– – Disallowance related to subsidiary stock transactions, senior IRS attorney discusses work on regulations, 191:G–5 (10/6/09)
– – Investments in troubled companies, IRS examining accounting for, 190:G–4 (10/5/09)
– – Outstanding indebtedness not treated as stock for purposes of §382, IRS counsel defends PLR, 208:G–4 (10/30/09)

– Mexicans tax package includes retroactive recapture of consolidated tax regime benefits, Viewpoint, 203:J–1 (10/23/09)

CONSTRUCTION INDUSTRY

– Build America Bonds

See BONDS, TAXABLE

– Tax incentives, policy changes to promote economic recovery, AGC blueprint, 188:G–3 (10/1/09)

CONTROLLED FOREIGN CORPORATIONS (CFCs)

– Possessions corporations, IRS to monitor §936 exit audits, 196:G–6 (10/14/09); LMSB directive, 196:TaxCore (10/14/09)
– Repatriation, IRS counsel Dorfman addresses loan ramifications of Schering-Plough swap transactions, Subpart F issue in case, 192:G–8 (10/7/09)
– Research credit, Deere must include foreign branch amounts to determine §41 credit (T.C.), 203:K–1 (10/23/09); decision text, 203:TaxCore (10/23/09)

CORPORATE GOVERNANCE

– Internal controls

– – Effectiveness, SEC says small issuers to start complying with audit attest requirement in June, 190:G–5 (10/5/09)
– – Small firm exemption

See LEGISLATION, FEDERAL, HR 3775

– Managing tax risk, IRS Comm'r Shulman advocates larger role for board of directors, 200:G–3 (10/20/09); IRS news release, prepared remarks for Natl. Ass'n of Corporate Directors, 200:TaxCore (10/20/09)

CORPORATE REORGANIZATIONS

See REORGANIZATIONS, CORPORATE

CORPORATE TAXES

– Accounting issues

See ACCOUNTING

– Business expenses

See TRADE OR BUSINESS EXPENSES

– Complex transactions, practitioners debate relative importance of structure, finances in corporate deals, 208:G–6 (10/30/09)
– Consolidated group returns

See CONSOLIDATED RETURNS

– Controlled foreign firms

See CONTROLLED FOREIGN CORPORATIONS (CFCs)

– Controlled groups, IRS rules treat “excluded” corporations as “members,” Viewpoint, 204:J–1 (10/26/09)
– Expiring business incentives, 507 businesses urge Congress to pass extenders package, 194:G–6 (10/9/09); U.S. Chamber of Commerce-coordinated letter, 194:TaxCore (10/9/09)
– Lowering tax rates, panelists discuss effects, mitigating problems, 194:G–1 (10/9/09)
– Multinational issues

See INTERNATIONAL TAX

– NOL carrybacks

See LEGISLATION, FEDERAL, HR 2452, HR 3548

– Reorganizations

See REORGANIZATIONS, CORPORATE

– Research credit

See RESEARCH AND DEVELOPMENT

– Small firms

See SMALL BUSINESSES

– State taxes

See STATE TAX DEVELOPMENTS; specific states

– Transfer pricing

See TRANSFER PRICING

COURTS

See SUPREME COURT, U.S.

CREDIT CARDS

– Home Depot properly denied bad debt tax refunds (N.J. Super Ct.), 206:K–2 (10/28/09); decision text, 206:TaxCore (10/28/09)
– IRS reporting requirements for servicers and third-party processors, IRPAC makes recommendations, 207:G–7 (10/29/09)

CREDITS AGAINST TAXES

– Advanced energy equipment

See MANUFACTURING

– Bonds

See BONDS, TAXABLE

– Carbon sequestration

See CLIMATE CHANGE

– Economic stimulus

See AMERICAN RECOVERY AND REINVESTMENT ACT (ARRA)

– EITC

See EARNED INCOME TAX CREDIT (EITC)

– Ethanol production, GAO says Congress should review credit, Grassley (R-Iowa) disagrees, 190:G–3 (10/5/09)
– Film production

See MOTION PICTURES

– Foreign tax payments

See FOREIGN TAX CREDIT

– Health care coverage

See HEALTH CARE REFORM

– Housing

– – Energy Star improvements

See LEGISLATION, FEDERAL, S 1792

– – Home buyers' credit

See HOUSING

– New markets credit

See COMMUNITY DEVELOPMENT

– Rehabilitation credit for buildings

See LEGISLATION, FEDERAL, HR 3715, S 1743

– Renewable energy incentives

See RENEWABLE ENERGY

– Research credit

See RESEARCH AND DEVELOPMENT

– State taxes

See specific states

– WOTC expansion, IRS reminds businesses certification deadline Oct. 17, 194:G–12 (10/9/09)

CURRENCY

– Debt to equity swaps, IASB publishes IAS 32 amendment on foreign currency rights, 194:I–2 (10/9/09)
– Tobin tax on transactions would do little to stabilize financial markets, IMF's Strauss-Kahn says, 190:I–2 (10/5/09)